65D - 3RD AND BROADWAY AD HOC - Laserfiche WebLink

Home Browse Search

2.1.11 "Improvements" means the private improvements to be developed on the Project Site as part of the Project, as mare fully described in the Scope of Development. 2.1.12 "Indemnitees" is defined in Section 3.12.3. 2.1.13 "Outside Date" is defined in Section 3.3.3. 2.1.14 "Partnership" is defined in Section 1.3.2.1. 2,1.15 "Preliminary Title Report" is defined in Section 3.6. 2.1.16 "Purchase Price" is defined in Section 3.1. 2.1.17 "Project" is the mixed use hotel and commercial, restaurant and caS5 improvements to be developed on the Project Site, as more fully described in the Scope of Development, attached hereto and incorporated into this Agreement as Attachment No. 5. 2.1.18 "Project Site" shall have the definition set forth in Recital C and Section 1.4, 2.1.19 Intentionally Blank 2.1.20 "Schedule of Performance" means the schedule attached hereto and incorporated into this Agreement as Attachment No. 4. 2.1.21 "Title Company" is defined in Section 3.9. Article 3 DISPOSITION OF THE PROJECT SITE 3.1 Purchase and Sale of the Proiect Site. The City agrees to sell to the Developer, and Developer agrees to purchase from the City, the City Property, within the time set forth in the Schedule of Performance. The purchase price for the City Property collectively shall be DOLLARS ($_.00) (the "Purchase Price"). The Purchase Price constitutes the full fair market value of the City Property as determined piorsuant to that certain appraisal of the City Property dated _, 2016 conducted by and dated The City shall impose a lien on the property for the market value purchase of said property, Said lien shall be maintained for no less than 25 years. The City shall release the lien after 25 years and upon the developer's accomplishment of all perforniance requirements and terms of the loan as outlined in the DDA. The Developer and City both acknowledge and understand that the City is selling the City Property to Developer at market value with the intention of demolishing the existing parking 5 5 394.00000\29008220. 1 65D . -15